U.S. House Approves Trump’s Tax and Spending Bill

President Donald Trump’s “Big and Beautiful” tax and spending bill passed in the U.S. House with a narrow margin of 218-214 votes on July 3.

The bill’s passing, pending President Trump’s signature, could lead to significant shifts in U.S. fiscal policy, with potential ripple effects on economic sectors.

Trump’s Bill Passes House Amid Political Tension

President Trump’s hallmark fiscal initiative cleared its final legislative hurdle in the House with strong Republican support, despite two dissenting GOP votes and uniform Democratic opposition. This move, tied closely to Trump’s legislative agenda, highlights the administration’s priority on economic restructuring.

The bill enacts extensive tax reductions and spending shifts totaling trillions, focusing on defense and immigration at the expense of federal programs like Medicaid. This policy change is set against the backdrop of broader fiscal debate.

Reactions have been polarized, notably from House Democratic Leader Hakeem Jeffries, who criticized the aid cuts. His record-setting speech underscored concerns about impacts on vulnerable groups, reflecting broader societal discord over the measure.

Fiscal Changes and Implications for Crypto Markets

Did you know? Past U.S. tax cuts have prompted risk asset volatility, indirectly influencing the crypto markets. However, this bill lacks direct crypto market references.

Bitcoin (BTC) remains an influential asset with a current price of $109,600.54 and a market cap of $2.18 trillion, according to CoinMarketCap. While it showed a modest 0.68% increase over 24 hours, its 60-day rise of 16.32% highlights ongoing market interest.

The Coincu research team notes the potential for future fiscal implications, stressing that while the bill doesn’t target digital assets directly, its broader economic impact could shift investor sentiment. Historical trends indicate possible indirect effects on crypto markets from large-scale fiscal policies.